AUSTRALIAN home buyers are set to face even more hardship with housing affordability hitting a record low, according to a survey.
The decline in affordable housing comes after the central bank last week raised interest rates to the highest level in 10 years.
The Housing Industry Association-Commonwealth Bank housing affordability index released today show that affordability fell 2.7 per cent to 97.4 index points in the June quarter.
The index fell below the 100 mark for only the second time in its 23-year history.
It was also 6.5 per cent lower than in the corresponding period in 2006.
http://www.news.com.au/business/story/0,10166,22235758-462,00.html?from=public_rss
The decline in affordable housing comes after the central bank last week raised interest rates to the highest level in 10 years.
The Housing Industry Association-Commonwealth Bank housing affordability index released today show that affordability fell 2.7 per cent to 97.4 index points in the June quarter.
The index fell below the 100 mark for only the second time in its 23-year history.
It was also 6.5 per cent lower than in the corresponding period in 2006.
http://www.news.com.au/business/story/0,10166,22235758-462,00.html?from=public_rss
